Quick Notes
A relatively muted session masked what continues to be meaningful movement in the relationship between risk assets and defensive positioning. The quiet days are often where the real work happens inside a systematic framework — not in price itself, but in the shifting balance of internal conditions. When surface-level action offers little narrative, the underlying structure still has something to say. Subscribers see exactly what that structure looks like each day.
Keep reading with a 7-day free trial
Subscribe to The Market Regime Report to keep reading this post and get 7 days of free access to the full post archives.